Charge investment in Africa for the future of electric cars -AfDB call

Marrakech. Africa holds the future of the global electric vehicles value chain which is estimated to increase from the current $7 trillion to $57 trillion by 2050, according to the African Development Bank Group.

According to the AfDB’s President, Dr. Akinwumi Adesina this is because the continent accounts for the largest source of the green metals for the development of electric vehicles, including platinum (70 percent), cobalt (52 percent), manganese (46 percent), bauxite (25 percent), and graphite (21 percent).

Dr Adesina was giving a keynote address at the 2023 Africa Investment Forum Market Days taking place in Marrakech, Morocco from November 8-10,2023.

He said with Africa holding the largest sources of renewable energy sources in the world, including hydro and solar, it is time for the investors to inject their money where the future is.

“So, whether it is in oil and gas, minerals and metals, renewable energy, agriculture, or the labour force that will drive the global growth, Africa is where to be,” he said.

“As investors, put your money where the future is. The future is in Africa. Investors should see Africa not from what they hear, but from what the facts say,” Dr Adesina said, adding that Africa will be the key for supplying the global labour force as well as key to food security.

Tanzania is also among the countries in Africa with rare minerals deposits such as having the highest nickel sulphide deposit in the world, Tanzania is currently developed it under the Kabanga Nickel Project in North-West Tanzania.

Through the Ngualla Rare Earth Project the country also contains one of the largest, highest grade and lowest cost Neodymium Praseodymium (NdPr) rare earth deposits in the world.

The 2023 Market Days event in Morocco runs with a theme Unlocking Africa’s value chains. The forum helps connect investors with bankable deals in several sectors including renewable energy, agribusiness and the manufacture of lithium-ion batteries for electric vehicles.

President Samia Suluhu Hassan was one of the African leaders that participated in the forum, where she took part in a conversation on Accelerating Africa’s Economic Transformation.

During her speech she stated that connectivity is one of the key problems in Africa.

“We need to invest in the continent’s connectivity.” She noted that she recently had to travel via Paris from her country in East Africa to her destination in Dakar, West Africa.

The President of Comoros, Azali Assoumani, pointed out that manufactured African exports account for just 1 percent of world exports.

“We export them to developed countries and these countries re-export them to us and sell them back to us at ten times the price. Despite the obstacles, there are enormous opportunities for the development of value chains in Africa,” said Assoumani who also doubles as the chairman of the African Union.